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exchange rate
Exchange Rate Mechanism
exchange rate risk
exchange student
exchangeable security
exchequer
excimer
excimer laser
excipient
excise (1)
excise (2)
exciseman
excision repair
excitable
excitant
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exchange efficiency
ex·change ef·fi·cien·cy


noun 
Definition:
 
efficient distribution of goods and services: an allocation of resources that maximizes economic welfare given initial endowments
Encarta® World English Dictionary [North American Edition] © & (P)2009 Microsoft Corporation. All rights reserved. Developed for Microsoft by Bloomsbury Publishing Plc.
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